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Loan Completion Process Loan Completion Process

Loan Completion Process - PowerPoint Presentation

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Uploaded On 2017-08-21

Loan Completion Process - PPT Presentation

Jay Coomes Fiserv Joe Dahleen SME Considerations Unit Throughput Production volume fluctuations Origination Regulation Servicing Regulation Established Loan Processing Domains Loan Completion Operational Goals ID: 580755

completion loan servicing process loan completion process servicing review processing compliance origination regulatory loancomplete quality audit life data cfpb

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Slide1

Loan Completion Process

Jay Coomes, Fiserv

Joe Dahleen, SMESlide2

Considerations:

Unit Throughput

Production volume fluctuations Origination Regulation Servicing Regulation

Established Loan Processing DomainsSlide3

Loan Completion: Operational Goals

Ensure compliance

Reduce risk

Improve processor efficiencies Increase customer

satisfaction

Decrease Cost

Ensure Revenue

Loan

Origination

Regulatory

Compliance

Loan

Servicing

Completion

ProcessSlide4

Loan Completion Process: Tasks

Loan

Origination

Regulatory

Compliance

Loan

Servicing

Completion

Process

Pre-Close

Audit

Post-Close Audit

Trailing

Documentation

Document Logging and Tracking

Post Close QC

Recurring Commercial Audits

Confirmation of doc receipt

Loan Audit Delivery

Loan Insurer Delivery

Loan Investor Delivery

Pool Quality

Review

. . .Slide5

Today’s ResultsSlide6

Poor processing and documentation quality

Lack of regulatory compliance Low customer satisfactionCurrent Loan Completion Process: Results

Slide7

Non-standard, Disparate solutions

Home grown tools:

Access Databases Excel Spreadsheets PDF Documents Some specific 3rd party solutions

All are used to accomplish the completion of loan processing! With expected results!

Loan Completion Process: Environment

Slide8

Standardize Loan Completion Process

Standardization Steps:

Define the overall process Identify task within each step of the process Automate as much as possible Provide for flexibility of an ever changing regulatory landscape

Loan

Origination

Regulatory

Compliance

Loan

Servicing

Completion

ProcessSlide9

Loan Completion Process Automation

LOS Integration & Doc Scanning

Capture

Verification/Confirmation

Confirm

Package

Delivery

Deliver

Tracking Doc Location

Track

Quality

Reviews

Review

Loan Completion Operational ProcessSlide10

Automated Loan Completion Process

Yields a successful,

trackable

and complete transfer of the loan to its Ultimate Destination

Slide11
Slide12

Improve loan quality to loan level deficiency and detection

Close wasteful gaps in processing and fulfillment

Increase warehouse velocity – while avoiding delay and riskProactive approach to re-purchase riskIncrease performance by leveraging technology thus reducing FTEReduce cost during the lifecycle of the loanSlide13

Loan

Complete

Loan

Servicing

Loan

Origination

Regulatory

Compliance

Provides a life of loan solution

Integrates with Fiserv’s loan origination, servicing

solutions

Executes standardized workflow processing at each

phase

Includes data and document content management

Provides data quality stage gates, audit checks and data element

analyticsFiserv’s LoanComplete SolutionSlide14

Joe Dahleen [guest speaker]

Mortgage Technology Consultant and Chief Strategy Officer

[whitepaper on Loan Completion Process]Slide15

Another View at the Loan Completion SpaceSlide16

Life

of

LoanLoan Completion Operational FunctionsSlide17

17

Life

of Loan

Loan Completion: Regulatory/Compliance

State Licensing

Management

Lawsuit Case Management

CFPB Complaint

Processing

CFPB Self Examination – Default

Loans

CFPB Self Examination – Core Servicing

LoanComplete

: Workflows are designed to accelerate business processes, both content and case-based, while reducing costs associated with risk management and regulatory compliance mandatesSlide18

Compliant Processing –

Highest priority outtakes from CFPB Slide19

19

Life

of Loan

Loan Completion: Loan Origination

Loan Origination Document Routing

Loan Closing Document Routing

Customer Service Case Management

LoanComplete

: Workflows

have been designed to track and react , maximizing the consumer experience and minimizing the processing timeline.Slide20

Life

of

LoanLoan

Completion: Quality Control

Investor Delivery

Document Readiness Review

Loan Sale Due Diligence

Processes

Pool Allocation Management

LoanComplete

: Designed

to support requirements for providing deep loan level data, remotely viewable documents, standardized packaging and

eDelivery

.Slide21

Life

of

LoanLoan

Completion: Loan Servicing

Loan

Servicing Acquisition/Sale Review

Early Default Review

PreForeclosure

Review

Payoff

Review

Loan Modification Document Routing

LoanComplete: Workflows are designed to improve the loan servicing review processes by leading the reviewer thru configurable workflows and routing exceptions for action, reducing risk and costs.Slide22

New and Expanded Operational Procedures from CFPB

Examination on consumer-facing aspects

Default servicing and foreclosure – including collections, bankruptcy, loss mitigation and foreclosuresCore servicing – including servicing transfers, payment processing, escrow accounts, Credit reporting and information sharing and privacyFocus is on UDAAP complianceTimely, clear and accurate disclosures to borrowers,

Proper application of fees and payments, including those associated with foreclosureConsistent and fair application of loss mitigation and foreclosures related activities, especially where there is judgment applied that could lead to disparate treatmentSlide23

Life

of

LoanLoan

Completion: Secondary Market

Agency Prefunding QC Audit

Agency Post Closing QC Audit

FNMA/FHLMC Post Close QC – Legal Docs

GNMA Post Closing Review

Pre Loan boarding data validation

LoanComplete

: Workflows

are designed to

ensure the quality of each loan meets

standards and requirements established by investor, lender and loan servicer, reducing risks and improving processor effectiveness.Slide24

The Hiring Strain

Problem

Experienced Employee Talent is in high demandHiring untrained employees shift pressure to training Money and Time miss aligned in staff assignedCapacity planning on Human capital opens gapsSolutionLeverage technology to lower operating costIncreased efficiency through reduction in manual laborMinimized time delays with intelligent pre-defined workflowSimplify audit review with movement of data and documentsSlide25

Loan Completion

The New Lending Application Domain

Features – Joe Slide

Slide26

What’s Next ?

Stop by the Solution Showcase to see more about the Fiserv LoanComplete family of Products

Ask you Fiserv Representative for more information Read Joe’s Whitepaper defining the Loan Completion SpaceAttend the PwC session regarding the CFPB and learn how the LoanComplete technology can apply Stay tuned for more on the Loan Completion Space and what Fiserv is 26Slide27

Jay.coomes@fiserv.com

000-000-0000

Jay Coomesjdahleen@comcast.net206-499-4888Joe Dahleen